State revenues on the upswing

31 Jan 201905:19am IST

31 Jan 201905:19am IST

The economic survey tabled shows a 12.14% growth in the GSDP of the state for 2017-18

Team Herald

PORVORIM: The State government has estimated a revenue surplus of Rs 144.65 crore for the financial year ending March 2019, stated the Economic Survey (ES) 2018-19 tabled on the Floor of the House on Wednesday.

The ES has also shown Gross State Domestic Product (GSDP) growth at 12.14 per cent for the financial year 2017-18.

“As per the Budget estimate 2018-19, the total receipts and the total expenditure are estimated to show an increase of 7.70 percent and 12.66 percent respectively as compared to the previous year 2017-18,” the ES survey stated.

State was witnessing revenue deficit since 2013-14 but from n2014-15 onwards there is continuous revenue surplus that is a revenue surplus of Rs 698.99 crore in 2016-17 and the current year estimates a revenue surplus of Rs 144.65 crore.

The State’s revenue receipts is estimated to witness a growth of 10.02 percent for the current financial year, with State’s own tax revenue contributing highest share in the revenue receipt (50 percent) followed by share in central taxes (28 percent).

For the current financial year, State’s own tax revenue and State’s share in central taxes accounts for almost 69 percent (Rs 5,278.25cr) and 31 percent (Rs 2979 cr) respectively of the total tax revenue receipts.

The tax revenue for the year 2018-19 shows a growth rate of 11.71 percent as compared to 2017-18 which recorded growth rate of 8.88 percent. The State’s own tax revenue comprises of land revenue, stamps and registration, state excise, taxes on sales, trade, etc, taxes on vehicles, goods and passengers, and State Goods and Service Tax (SGST).

“The compounded annual growth rate of receipts of tax revenue works out to be 13.26 percent,” ES stated.

Under non tax revenue, a growth of 4.31 percent is reported with total receipts of Rs 2,273.44 crore.

For the current financial year, the revenue expenditure is estimated at Rs 10,386.05 crore with a growth rate of 12.13 percent.

Further, the GSDP at current prices for the year 2017-18 (quick estimates) is Rs 7026733 lakh as against Rs 6266079 lakh in the year 2016-17 thereby registering a growth of 12.14 per cent.

“The quick estimates for the year 2017-18 reveals that primary sector accounts for 9.95 per cent, secondary sector 53.23 per cent and tertiary sector 36.82 per cent,” the survey mentions.

It further reads that the contribution of primary sector witnessed a decline from 9.86 per cent in 2013-14 to 7.72 per cent in 2015-16 and thereafter registered an upaward trend of 9.95 per cent in 2017-18. The primary sector has accounted for 9.78 per cent of the total GSDP during 2016-17.

The report mentions that the contribution for secondary sector to GSDP which accounted for around 44.06 per cent in 2013-14 witnessed an upgrade trend in 2014-15 of 53.79 per cent to marginal decrease of 53.23 per cent in 2017-18.

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THE BARE FACTS

PORVORIM: Goa’s public debt for the financial year ending March 2019 stood at Rs 13,937.37 crore continuing the increasing trend for the successive years.

As per the Economic Survey (ES) 2018-19 tabled on the Floor of the House, the State public debt as on March 31, 2019 stood at Rs 13,937.37 crore. “It is observed that the public debt of the State is continuously rising,” ES said.

The public debt which was Rs 9,936.02 crore in 2015-16 has increased to Rs 11,344.19 crore in 2016-17 and it further increased to Rs 12,395.42 crore in 2017 and Rs 13,180.55 crore in 2018 and it is likely to increase to Rs 13,937.37 crore as per 2019 estimate.

The market loan has witnessed a whopping rise of 67.57 percent in 2019 with total estimated loan amount to Rs 9,417.63crore.

The central loan and National Social Security Fund (NSSF) is pegged at Rs 3,847.48 crore while the loans from National Bank For Agriculture and Rural Development (NBARD) is Rs 611.62 crore.